Westpac Chief Economist Bill Evans notes “Given that interest rates are on hold for at least another year, then that to me gives me some comfort that house price appreciation can continue at a pretty healthy pace,"

Other detail was mixed but soft overall. Private house approvals declined 2.2%mth to be down 5.2% since January's peak. By state, June saw a 4.7% gain in NSW, flat house approvals in WA but declines in Vic (–2.2%), Qld (–4.6%mth after 8.2% gain in May) and a sharp fall in SA (–16.2%). House approvals in every state have either 'topped out' or are seeing slight trend declines. Similarly, unit approvals are showing a clear pull back.